Inflation Jumps to 50.3% In November 2022, Highest In 27years

Inflation went up by 9.9% to 50.3% in the month of November 2022, according to latest figures from the Ghana Statistical Service.

This is the highest figure recorded in 27 years.

The increment was expected because of fuel price increases and the cedis’ depreciation during the month under review.

However, the trend may halt or reverse in December 2022 due to the recent improvement in the value of the cedi to the dollar and fall in fuel prices.

According to the figures, food inflation hit 55.3%, from October’s rate of 43.7%.

Non-food inflation also shot up by 7.2% to 46.5% in November 2022.

Inflation for locally produced items also stood at 48.3%, whilst inflation for imported items was 55.1% in November 2022.

Five groups – Housing, water, gas, electricity and other (79.1%); Furnishings, household equipment (65.7%); Transport (63.1%); Personal care, social protection and miscellaneous services (56.3%) and Food and Non-alcoholic beverages (55.3%) registered inflation rates higher than the national average.

For food inflation, eight sub-classes recorded inflation rates higher than the national average.

They include water (93.2%); milk, other diary products and eggs (75.4%); fruit and vegetable juices (73.1%); sugar and confectionary and desserts (70.0%).

Eastern region records 63.3% inflation in November 2022

For the regions, Eastern region recorded the highest inflation rate of 63.3%.

It was followed by the Greater Accra region with an inflation rate of 61.6% and Bono region with a rate of 53.6%.

The region with the least inflation rate is Upper West with a rate of 35.6%.